环保税费对重污染行业企业绿色并购行为影响实证研究

An Empirical Study on the Impact of Environmental Taxes on Green Mergers and Acquisitions in Heavy Polluting Industries

以2015-2021年我国A股重污染行业上市公司为研究样本,实证研究环保税费对重污染企业绿色并购行为的影响及其作用机制。研究发现:环保税费能够显著推动重污染企业实施绿色并购;机制检验发现,重污染企业在环保税费压力下实施绿色并购的潜在动机包括获得双重红利、实现资源获取以及提高企业声誉。进一步研究发现,环保税费压力下的绿色并购是在现有绿色创新水平上的“叠加杠杆效应”;在社会责任承担水平较高以及非国有企业中,环保税费对企业绿色并购的推动作用更为明显。

Taking A-share listed companies in heavily polluting industries in China from 2015 to 2021 as the research samples,this paper empirically studied the influence of environmental protection taxes and fees on the green merger and acquisition behavior of heavily polluting enterprises and its mechanism.The results show that environmental taxes and fees can significantly promote the implementation of green mergers and acquisitions in heavily polluting enterprises.The mechanism test shows that the potential motivations of green M&A for heavy polluting enterprises under the pressure of environmental taxes and fees include obtaining double dividends,achieving resource acquisition and improving corporate reputation.Further research finds that green M&A under the pressure of environmental protection taxes and fees is a"superimposed leverage effect"on the existing level of green innovation.In the enterprises with a higher level of social responsibility and non-state-owned enterprises,the role of environmental protection taxes and fees in promoting green M&A is more obvious.